Denison Mines (DML) Corporate Presentation summary

Strategic asset portfolio and project pipeline

• Operates three low-cost uranium development projects—Phoenix, Gryphon, and THT/Waterbury—ranked among the world's top assets, with Phoenix recognized as the #1 mining development project globally in 2024.

• Holds a 95% effective interest in the flagship Wheeler River project, the largest undeveloped uranium project in eastern Athabasca Basin, and significant stakes in McClean Lake, Midwest, and Millennium projects.

• Maintains a large exploration portfolio of ~384,000 hectares and minority interests in key projects operated by major uranium producers.

Project economics and development status

• Phoenix ISR project features a base-case post-tax NPV of C$1.56B, IRR of 90%, and average cash operating costs of US$6.28/lb U3O8, with first production targeted for 2027/2028.

• Gryphon UG project offers a base-case after-tax NPV of C$864M, IRR of 37.6%, and average cash operating costs of US$12.75/lb U3O8, with payback under two years.

• Waterbury Lake's THT deposit PEA indicates a pre-tax NPV of C$265M, IRR of 50%, and average cash operating costs of US$12.23/lb U3O8.

• McClean Lake mill processes 11% of global uranium production, with excess licensed capacity and a 2025 mining restart at McClean North targeting 800,000 lbs U3O8.

Technical innovation and de-risking

• Phoenix ISR project underwent multi-year technical de-risking, including successful field and core leach tests, commercial-scale flow validation, and a fully permitted feasibility field test.

• SABRE mining method at McClean Lake enables extraction from previously inaccessible deposits, with a successful test program and mining restart planned.

• ISR mining method is being evaluated for Midwest Main deposit following positive 2024 field test results.